Saving Your Home While Filing Bankruptcy
The foundation of where the American dream is built, is in that important investment of owning a home. A place where we raise our children, enjoying all those precious family moments. A place to build a strong foundation. It is where our hearts reside, home sweet home. Where we unwind, sleep, and live every minute of our lives. Something you want to protect at all costs.
Although many of us are ashamed of filing bankruptcy, it is something that many of us have to endure, due to poor credit, overwhelming debt, businesses gone bad or poor investments and financial decisions. Many people are scared to file for bankruptcy because it raises the question, “Will I be able to save my home while filing for bankruptcy?” Many people think that saving their home is out of the question when filing for bankruptcy and in return raises guilt, questions about their family’s future and many various overwhelming burdens.
You can successfully salvage your home while filing for bankruptcy and I am here to alert you that saving your home is not out of the question. So many questions are raised regarding the home and bankruptcy, such as how is this possible, and won’t my home be at risk if I file for bankruptcy. People have found that they didn’t have to be subjected to foreclosure when they filed for bankruptcy. Chapter 13 bankruptcy, for example, would bring a good chance of keeping your home and you will be required to continue making mortgage payments, and paying back any missed payments if this applies.
The first thing you must do is figure out how much equity you have in your home. Once you find out how much your home is currently worth, subtract the amount you still owe from that amount. That will tell you the amount of equity you have. For example, if your house is worth $200,000, and you have $185,000 worth of mortgage loans still owed, your home equity would be $15,000.
If you have less than $18,450 in equity, as this is the current federal homestead exemption, you may be able to keep it. A risk of losing your home may occur you have more than this exemption amount. As stated earlier, first check your home’s worth, the amount of equity, and then you should proceed with filing for bankruptcy. You may be able to keep your home, this is not out of the question, and experienced bankruptcy attorneys, once you have your papers in order and retain them, would be the best step you can take.
Save your home while filing for bankruptcy New York City Bankruptcy Attorneys, the Law Offices of Macron & Cowhey Queens Bankruptcy Law Firm can help.
